A slew of economic news is scheduled for next week. On Thursday, the U.S. GDP second estimate data is expected to show the country’s economy likely contracted 32.6% in the second quarter. On the same day, the Labor Department is expected to report initial jobless claims likely fell to 1,000,000 for the week ended August 17, from 1,106,000 in the prior week. On Wednesday, the Commerce Department is expected to show durable goods orders likely rose 4.3% in July, after having increased 7.6% in June. On Friday, the Department is scheduled to report consumer spending likely rose 1.5% in July, after having increased 5.6% in June. The core PCE price index likely edged up 0.5% in July, compared with 0.2% in June. On the same day, the University of Michigan’s final reading on consumer sentiment index is expected to have remained unchanged at 72.8 in August. On Tuesday, the survey from the Conference Board is scheduled to report consumer confidence index likely rose to 93.0 in August, from 92.6 in July. On the same day, the Commerce Department’s new home sales is expected to show a reading of 786,000 units in July, compared with 776,000 units in June.
On Thursday, Federal Reserve Bank of Kansas City is scheduled to host a two-day virtual 44th annual Jackson Hole Economic Policy Symposium on “Navigating the Decade Ahead: Implications for Monetary Policy.” Federal Reserve Chairman Jerome Powell is likely to speak on “Monetary Policy Frame Review” at the Symposium. Bank of Canada Governor Tiff Macklem and Bank of England Governor Andrew Bailey are also expected to participate in the Symposium on Thursday and Friday, respectively. On Tuesday, San Francisco Federal Reserve Bank President Mary C. Daly is scheduled to participate in a virtual panel discussion on “Under the Magnifying Glass: Inequity and COVID-19” before the Rotary Club of Oakland.